BATUSD closes higher for the 2nd day in a row
Basic Attention Token/US Dollar Index (BATUSD) Technical Analysis Report for Aug 01, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BATUSD ended Saturday at 0.2589 gaining $0.0060 (2.37%) on high volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BATUSD as at Aug 01, 2020):
Saturday's trading range has been $0.0134 (5.3%), that's slightly below the last trading month's daily average range of $0.0153. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BATUSD.
Prices are trading close to the key technical resistance level at 0.2669 (R1).
Although the cryptocurrency is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Further buying could move prices higher should the market test July's close-by high at 0.2796.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for BAT/USD. Out of 126 times, BATUSD closed lower 52.38% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after five trading days, showing a win rate of 58.73% with an average market move of -1.63%.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are XRPUSD gaining 12.04% and ETHUSD closing 11.71% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been ZECUSD surging 19.59% and DOGEUSD closing 15.6% higher. The worst performers of the day have been STRATBTC tanking -4.08% and ARDRBTC closing -4.0% lower. Read more